Baltimore Office Space

BuildingSearch.com has many office space listings in the city of Baltimore. We provide an array of different Baltimore office space listings, so that it is easier to find the exact building to suit your needs better. Choose from a variety of office spaces such as office/R&D, medical/bio tech, or office/retail.

Baltimore, Maryland is located forty miles north of Washington D.C. and is situated on Chesapeake Bay. Because of its proximity to the water, Baltimore used to be the second largest point of immigration and a major manufacturing center. However, after Baltimore’s manufacturing industry fall, the economy mainly turned around to a service-sector oriented economy, with many companies turning to Baltimore office space. With a population of nearly 650,000 people, Baltimore is the twentieth largest city in the United States. 

The city itself is split into three main districts. One being the Inner Harbor, which is occupied mostly by tourists because of the high concentration of hotels, shops and museums, another is Fells Point, and Little Italy. Each district has a distinct feel and culture that set each one apart from all the others. Because de-industrialization took its toll on the economy by relinquishing thousands of low-skill, high wage jobs, Baltimore had to turn to growing health services, and business finance, increasing the call for for more office space in Baltimore. 

In 2007, Baltimore felt the burden of too much supply for the demand of Baltimore office space. Vacancy has gone up nearly a percent in the last quarter of 2007 from 14.2% to 15.2%. This is due mainly to the 1.8 million square feet of office space added in the fourth quarter of 2007. On top of all of this, absorption dropped over 66% from 2006 to only 781,000 square feet. This downward trend for commercial office space is predicted to continue well into 2008. Vacancy rates are supposed to increase, net absorption is supposed to decrease, construction will decrease, and the rental rates will increase because of the credit crisis and the hovering thoughts of recession.